Nordea to cut 100 jobs in Denmark

The bank released strong quarterly results on Thursday but its overall savings plan is likely to eliminate Danish jobs.

Nordea to cut 100 jobs in Denmark
Nordea CEO Christian Clausen. Photo: Thomas Lekfeldt/Scanpix
Nordea bank will eliminate up to 100 jobs in Denmark, it announced in conjunction with its quarterly results on Thursday.
The Stockholm-based bank announced that its second quarter results were up over the same period last year, but Ritzau Finans reported that despite the positive result over 100 employees in Denmark can expect to lose their jobs as part of cost-cutting measures. 
A bank spokesperson told Ritzau that it has an overall plan to eliminate five percent of its total positions, with the majority of the cuts happening through natural attrition or by placing employees in other jobs within the company.  
“The process is still ongoing and we expect that the final number will be lower once the job matching process continues after the summer,” the bank representative said. 
Nordea’s CEO, Christian Clausen, said he was pleased with the bank’s quarterly performance.
“The second quarter of 2014 was characterised by a continued inflow of customers and strong activity, particularly in our savings area and corporate advisory business,” he said in a press release. 
Nordea is the largest financial services group in Northern Europe and has over 31,000 employees. 

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Deutsche Bank to pay $130m to settle US bribery probes

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced on Friday.

Deutsche Bank to pay $130m to settle US bribery probes
A woman walks past the offices of Deutsche Bank in London. Photo: Tolga Akmen / AFP
The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.
The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.
In another case, the bank paid more than $3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.
In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.
The agreement took into account Deutsche Bank's cooperation with the probes, DOJ said.
“Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others so that they could unfairly obtain and retain lucrative business projects,” said Acting US Attorney Seth D. DuCharme of the Eastern District of New York.
“This office will continue to hold responsible financial institutions that operate in the United States and engage in practices to facilitate criminal activity in order to increase their bottom line.”
“We take responsibility for these past actions, which took place between 2008 and 2017,” said Deutsche Bank spokesperson Dan Hunter, adding that the company has taken “significant remedial actions” including hiring staff and upgrading technology to address the shortcomings.